Unclaimed Money
When any investment made by you or your family members is not claimed back over a certain period of time, it becomes unclaimed money. Few of the investments that can become unclaimed are:
  • Bank Accounts & Deposits e.g. Saving Account, Salary Account, Pension Account, Current Account, Rural Accounts, Public Provident Fund (PPF), Fixed Deposit (FD), Recurring Deposit (RD) etc.
  • Share Market & Equity e.g. Shares, Bonds, Debentures, Dividend, Restricted stock units (RSUs) & Stock Options.
  • Employee Provident Fund (EPF).
  • Insurance Policies.
  • Mutual Funds.
Main reasons for investments becoming unclaimed are:
  • Negligence on sharing investment information with your family members.
  • Lost or misplaced investment documents.
  • Change in correspondence address.
  • Change in bank details submitted while making an investment.
  • Mismatch in investor details between bank account and investment account.
  • Investor is no more alive.
Different investment types have different time lines:
  • Unclaimed Dividend Amount: If you haven’t received or claimed a dividend from a company within 30 days from the date of dividend declaration.
  • Inactive Bank Account: If you haven’t done any transactions from your saving or current bank account for 12 months, then it is classified as an inactive bank account.
  • Dormant or Inoperative Bank Account: If you haven’t done any transactions from your saving or current bank account for 24 months, then it will be classified as dormant or inoperative bank account.
  • Inoperative EPF Account: Your EPF account is deemed as inoperative when there is no contribution for 36 months and there has not been any application for withdrawal or transfer of amount from the account. EPF money becomes unclaimed after a subscriber doesn’t withdraw money by the age of 61 years.
  • Unclaimed Insurance Policy: If you haven’t received or claimed your insurance policy survival and maturity benefit amount within 6 months of the settlement date, it becomes unclaimed.
  • Unclaimed Mutual Funds: If you haven’t received or claimed a mutual fund redemption or dividend from an Asset Management Company (AMC) before the due date, which generally is a 30 days time period.
  • Unclaimed Bank Account: Depending on the account type (saving, current, FD, PPF etc.), unclaimed bank deposits which are inactive or inoperative for ten years or more gets transferred to the Depositor Education and Awareness Fund (DEAF) & Senior Citizens Welfare Fund (SCWF).
  • Unclaimed Dividend Amount: Unclaimed Dividend money lying with a company for 7 years gets transferred to IEPF.
  • Unclaimed Insurance Policy: Unclaimed insurance money lying with an insurance company for 10 years gets transferred to SCWF.
  • Unclaimed EPF Money: If a subscriber/employee doesn’t withdraw money after reaching 61 years of age, the Unclaimed EPF money is planned to get diverted to either for EPF pensioners or SCWF, though nothing seems to be finalized yet.
  • Unclaimed Mutual Funds: There is no time limit for claiming unclaimed mutual funds money (redemption and dividend) from Asset Management Company (AMC). However, the money that can be claimed depends on when the claim is made.
    • If an investor makes a claim within 3 years from due date of redemption or dividend, he is eligible to receive initial unclaimed amount along with the income earned on it during the period.
    • If an investor claims it after 3 years, the initial unclaimed amount along with the income earned on it till the end of the third year after the due date of redemption or dividend will be paid. Income earned on the unclaimed money after the third year shall be transferred to IEPF and which cannot be redeemed.
Yes. Any investor whose shares, unclaimed dividend, has been transferred to IEPF, can submit their claim refunds to the IEPF Authority by filling an online application Form (IEPF-5) that is available on IEPF website at http://www.iepf.gov.in/IEPFA/refund.html
Yes. You are eligible to claim the unclaimed bank deposits up to 25 years from the date of transfer. In case no claim is made for 25 years after the transfer to DEAF & SCWF , the money will be transferred to the government.
Yes. You are eligible to claim the unpaid insurance money up to 25 years from the date of transfer to SCWF. In case no claim is made for 25 years after the transfer to SCWF, the money will be transferred to the government.
Yes. You will be asked to fill a relevant claim form and produce documents related to your identity proof and relationship with the family member.
Yes. You can reach out to us at claim@wealthstatus.com for claim related query/help.
As an investor, you need to regularly organize your investment information and always keep family members updated with new changes. WealthStatus App has a simple & secure feature “My Portfolio” to organize and secure investment related information. Using it, you can easily manage your investments in a single platform and share them with your family members.
WealthStatus App for Unclaimed Money
WealthStatus is the only platform in India that helps you find out if you have any Unclaimed Money in form of saving account, FD, RD, PPF, insurance policy, dividend, shares, debentures, bonds etc. Unclaimed money information can be searched using basic information about the investor like name, father/husband name & address.
As of now WealthStatus services are available for the Android App platform and on website.
Tap on the "Home" tab and search for Unclaimed Money by providing investor's name. If you find some unclaimed money, you need to create an account with WealthStatus to get detailed report.
You may want to sort out Unclaimed money records by providing some more basic personal information like Father's/Husband's name & Address.
You can see detailed information about your unclaimed money under "More -> My Claim" option. Financial institutions have provided guidelines related to claim on their website. If you still need help, please reach out to us at claim@wealthstatus.com
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